HelloFresh SE — Interim / Quarterly Report 2016

Nov 30, 2016

	30 Sept 2016	30 Dec 2015
in mEUR	(unaudited)	(unaudited)
Assets
Non-current assets
Property, plant and equipment	28,5	5,8
Intangible assets	1,2	0,1
Goodwill	4,6	4,6
Other financial assets	12,2	9,2
Other non-financial assets	1,4	1,0
Deferred income tax assets	0,4	0,4
Total non-current assets	48,3	21,1
Current assets
Inventories	8,6	5,6
Trade receivables	10,7	11,5
Other financial assets	1,4	1,7
Other non-financial assets	8,3	9,5
Cash and cash equivalents	99,4	109,2
Total current assets	128,4	137,5
Total Assets	176,7	158,6
Equity and Liabilities
Equity
Share capital	127,0	125,0
Treasury shares	(10,0)	(10,0)
Capital reserves	113,4	93,9
Other reserves	26,0	21,8
Accumulated losses	(219,6)	(142,4)
Other comprehensive (loss) income	(1,2)	(0,7)
Equity attributable to the Company's shareholders	35,6	87,6
Non-controlling interests	-	-
Total equity	35,6	87,6
Non-current liabilities
Share-based payment liabilities	8,8	9,0
Interest-bearing loans and borrowings	44,5	-
Other non-financial liabilities	8,5	1,2
Total non-current liabilities	61,8	10,2
Current liabilities
Trade payables	54,3	45,6
Other financial liabilities	1,7	0,2
Provisions	4,7	2,5
Other non-financial liabilities	18,6	12,5
Total current liabilities	79,3	60,8
Total equity and liabilities	176,7	158,6

9-month period ended 30 September

in mEUR	2016 (unaudited)	2015 (unaudited)
Revenue	438,3	198,0
Cost of goods sold	(189,6)	(94,8)
Gross profit	248,7	103,2
Fulfilment expenses	(176,6)	(73,8)
Marketing expenses	(120,4)	(71,8)
General and administrative expenses	(23,2)	(18,8)
Other operating income	0,6	0,9
Other operating expense	(3,2)	(2,8)
Operating loss	(74,1)	(63,1)
Financial income	0,7	-
Financial expense	(3,8)	(0,5)
Loss before income tax	(77,2)	(63,6)
Income tax (expense) benefit	-	-
Loss for the period	(77,2)	(63,6)
Loss attributable to:
Owners of the company	(77,2)	(60,6)
Non-controlling interests	-	(3,0)
Other comprehensive income:
Items that may be subsequently reclassified to profit and loss
Exchange differences on translation to presentation currency	5,0	0,3
Exchange differences on net investments in foreign operations	(5,5)	-
Other comprehensive income for the period	(0,5)	0,3
Total comprehensive income for the period	(77,7)	(63,3)
Total comprehensive income attributable to:
Owners of the company	(77,7)	(60,3)
Non-controlling interest	-	(3,0)
EBIT	(74,1)	(63,1)
Depreciation/amortization	2,8	0,4
EBITDA	(71,3)	(62,7)
Share based compensation	4,0	8,6
Special items	1,0	2,2
Adjusted EBITDA	(66,3)	(51,9)
Adjusted EBITDAM	52,8	18,8

9-month period ended 30 September

in mEUR	2016 (unaudited)	2015 (unaudited)
Cashflow from operating activities
Loss for the period	(77,2)	(63,6)
Adjustments for:
Finance income	(0,7)	-
Finance expense	3,8	0,5
Depreciation of property, plant and equipment	2,6	0,4
Amortisation of intangible assets	0,2	-
Share based payment expense (equity-settled)	4,2	8,6
Other non-cash transactions	0,7	1,7
Change in provisions	2,2	-
Changes in working capital related to operating activities
(Increase)/decrease in trade receivables	0,8	(4,3)
(Increase)/decrease in inventories	(2,9)	(4,6)
Increase/(decrease) in trade payables	8,8	26,4
Increase/(decrease) in deferred revenue	3,9	2,1
Net change in receivables/payables from value-added
and similar taxes	1,1	(2,6)
Change in non-current financial assets	(0,4)	-
Change in other financial assets	0,4	0,6
Change in other non-financial assets	0,2	(2,4)
Change in financial liabilities, excluding accrued interest	0,1	0,4
Change in other non-financial liabilities	9,7	1,1
Increase/(decrease) in share-based payments liabilities	(0,2)	(0,3)
Interest paid	(0,4)	-
Net cash from operating activities	(43,1)	(36,0)
Cashflow from investing activities
Acquisition of subsidiary, net of cash acquired	-	(2,7)
Purchase of property, plant and equipment	(25,6)	(3,3)
Software development expenditures	(1,3)	-
Purchase of intangible assets	(0,1)	(0,1)
Transfer of cash into restricted cash accounts and long-term deposits	(3,4)	(4,5)
Net cash from investing activities	(30,4)	(10,6)
Cashflow from financing activities
Proceeds from the issuance of share capital	21,4	109,6
Net proceeds from issuance of long term debt	44,4	-
Net cash from financing activities	65,8	109,6
Cash and cash equivalents at the beginning of the period	109,2	19,8
Effects of exchange rate changes on cash and cash equivalents	(2,1)	(1,8)
Cash and cash equivalents at the end of the period	99,4	81,0